Market › Posted card › Celsius Network

Celsius Network

Takes as collateral: bitcoin

cefi_celsius · lending desk · operated by Celsius Network LLC · defunct

Include corporate in the market — financed by bitcoin the issuers hold, no lien

BTC collateral

not applicable

Dollar debt against bitcoin

defunct since 2022-07-13

0% of Posted card

0% of the market

Aggregate LTV

not applicable

Borrow rate (USD loans)

not applicable

Lend rate (USD loans)

not applicable

Liquidates at

not applicable

Dollar loans only: other currencies are separate books, never added in

Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.

Dollar debt against bitcoin of Posted card — Celsius Network 0%

Dollar debt against bitcoin of the market — Posted card 7.3%, 5.0% of its bitcoin collateral

10 of 10 criteria researched. What the criteria are →

Markets — as served, not a venue rate

One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.

No BTC market rows are served for this venue. This venue runs no contracts, so there is no market state to read — the absence is a property of the venue class, not a gap.

Price

What does credit cost here, and how is the price formed?

Rate formation	posted_card source As the desk operated before it failed (2021-10 to 2022-07). posted rate card set by the lender at its sole discretion, by LTV tier. Celsius set rates unilaterally based on principal, LTV, market demand and risk management, and published them on its site. Evidence: "Interest rates offered by Celsius are determined by Celsius, in its sole discretion, based on the Principal amount, the LTV, market demand, and risk management (among other considerations)." — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf).
Term structure	callable source As the desk operated before it failed (2021-10 to 2022-07). Loans were written for a fixed term chosen in the application (minimum 6 months of interest), BUT either party, including Celsius, could terminate for any or no reason on 30 days' written notice, after which the borrower had 7 days to repay before liquidation. 'callable' is suggested because of the lender's no-cause termination right; if the registry reads this cell by nominal contract form, 'fixed_term' is the alternative. Evidence: "Celsius Loans are granted for a fixed period of time to be agreed upon between Celsius and you and indicated in the Application Form (the "Loan Term"), unless earlier terminated or repaid in full in accordance with the terms hereof." — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 2 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.
Rate certainty	fixed_at_origination source As the desk operated before it failed (2021-10 to 2022-07). The annual rate was set in the application form and monthly interest payments stayed fixed through the term. Rates rose with LTV. The product page archived 2022-06-13 (rates effective for new loans from 2 May 2022) advertised loans starting at 0.1% APR; that headline is split across lines on the page so it is not quoted here. Evidence: "Interest is presented in an annual percentage, and payable monthly, such that the monthly interest payments remain fixed throughout the Term of the Loan (unless any changes to the terms of the Loan occur throughout its Term)." — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.

Quality

What stands behind a position, and what can change under the reader?

Oracle dependency	multiple source As the desk operated before it failed (2021-10 to 2022-07). The Loan Terms name the conversion-rate sources: BitGo, CoinMarketCap (labelled 'CMC Markets' in the text) and Celsius's own rates from its liquidity providers, all changeable at Celsius's sole discretion without notice. The clause governs 'any conversion'; the terms do not separately name a source for the LTV mark, so this is the closest disclosed price source for collateral valuation - hence medium confidence. Evidence: "We currently use rates provided by BitGo - http://www.bitgo.com/, CMC Markets - https://coinmarketcap.com/, and our own rates as determined by our liquidity providers." — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.
Default & liquidation	threshold source As the desk operated before it failed (2021-10 to 2022-07). Origination LTV tiers 25%, 33%, 50% and 70%. Celsius could margin-call whenever LTV rose above the origination level, generally giving 12 hours (not guaranteed). Above 80% LTV Celsius could liquidate the collateral and close the loan with or without a prior margin call and without notice. Liquidation was by Celsius itself and discretionary in wording ('we may'). The Examiner records that loans were liquidated after the 12 June 2022 pause while borrowers could not move assets to cure. Evidence: "loan to value ("LTV") ratios of posted collateral ranging from 25%, 33%, 50%, and 70%, with applicable interest rates being higher for higher LTV loans." — Declaration of Alex Mashinsky in support of Chapter 11 petitions and first day motions, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), Doc 23, paras 12-14, 53-55, 2022-07-14 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.23.0.pdf); 4 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.
Custody & backing	custodial_with_reuse source custodial_with_reuse (criteria v1.2): the desk held the collateral and its terms passed title to it. As the desk operated before it failed (2021-10 to 2022-07). Celsius held the collateral and TITLE PASSED to Celsius: the Loan Terms make posted collateral 'the exclusive property of Celsius', and the Terms of Use grant 'all right and title... including ownership rights' with the right to pledge, rehypothecate, sell and lend without retaining a like amount. The CEO's first-day declaration says the same. The Terms of Use warned that collateral might not be recoverable if Celsius became bankrupt. Evidence: "Digital Assets posted as Collateral shall be the exclusive property of Celsius, and you grant Celsius your explicit consent to use such Digital Assets in accordance with Section 20 below" — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 3 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.
Recourse	undisclosed source As the desk operated before it failed (2021-10 to 2022-07). Not stated in terms: The Loan Terms contain no clause limiting the borrower's liability to the collateral. On default Celsius could declare principal and interest payable, realise collateral and take 'any other action', and the borrower agreed to reimburse collection costs and attorneys' fees. That reads as full recourse, but no fetched source states 'recourse' in terms and no deficiency action against a retail borrower was found, hence medium confidence. Evidence: "Borrower agrees to pay and reimburse Celsius for any and all costs and expenses, including collection expenses, court costs, and reasonable attorneys' fees, incurred by Lender in the collection or enforcement of these Loan Conditions." — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.
Track record	unknown (this dataset postdates the venue. The venue is defunct and carries a terminal_date but no first_date, because it was never observed while trading. A span inferred from the terminal date would be a guess, and would understate exactly the history this dataset exists to measure.)

Composition

Who and what makes up this market?

Collateral accepted	BTC (title passed to the desk) source As the desk operated before it failed (2021-10 to 2022-07). BTC accepted, with ETH and 40+ other assets. In the bankruptcy the court held (Glenn, C.J., Doc 3974, 2023-11-09) that the loan contract 'clearly and unambiguously transferred ownership title of collateral to Debtors' and that the objecting borrower's collateral was property of the estates. Retail borrowers therefore held claims ('Retail Borrower Deposit Claims') rather than their coins; the plan applied set-off and a settlement letting them repay the loan in exchange for an equivalent amount of BTC or ETH. Evidence: "Pick from Bitcoin, Ethereum and over 40+ crypto assets to use as" — Celsius 'crypto-loans' product page, Wayback snapshot 2022-06-13, 2022-06-13 (https://web.archive.org/web/20220613062153/https://celsius.network/crypto-loans); 3 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json. Loan book at failure: about 23,000 retail loans, about $411 million outstanding, against collateral worth about $765.5 million, as of 2022-07-13 What failed: Celsius had deployed customer assets into illiquid and long-dated positions and could not meet a run of withdrawals when crypto prices fell in May-June 2022; it paused all withdrawals on 2022-06-12 and filed on 2022-07-13. On the declaration's own figures the retail loan book was over-collateralised; the failure was on the deployment/liability side.
Book depth & concentration	unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.)
Observability	price: partial — Posted rates recoverable from Internet Archive snapshots as source_type archived_card; each snapshot dated and citable, irregular cadence a registered property rather than a defect. NOT YET INGESTED. quantity: partial — A one-time forensic snapshot is obtainable from the bankruptcy docket and the examiner report rather than a series. Book, LTVs and collateral treatment as at the petition date, never a running total. NOT YET INGESTED. composition: none — Loan-level composition is unobtainable for a wound-up custodial desk. What the examiner report does establish is the CUSTODY and REHYPOTHECATION treatment, which is the composition fact the 2022 failures turned on, and which the backing chain exists to carry.

What the loans are denominated in

US dollars, other — as the venue's filings state itAssets: fiat currency (unnamed); stablecoins (unnamed; 'pegged to fiat currency, including the U.S. dollar'). "Celsius also made loans of fiat currency and 'stablecoins'--cryptocurrency pegged to fiat currency, including the U.S. dollar--to third-party retail borrowers in the event such borrowers posted collateral in the form of cryptocurrency" — Bankr. S.D.N.Y. opinion, https://www.nysb.uscourts.gov/sites/default/files/opinions/324763_32_opinion.pdf, read 2026-10-05

Each currency is a separate book; the dollar equivalents compare sizes and are never added together.

Backing chain

Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.

How a chain is read, and what it does not claim

backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.

desk established — the desk · custodial_with_reuse
source
attribute · custody_model = custodial_with_reuse
custodial_with_reuse (criteria v1.2): the desk held the collateral and its terms passed title to it. As the desk operated before it failed (2021-10 to 2022-07). Celsius held the collateral and TITLE PASSED to Celsius: the Loan Terms make posted collateral 'the exclusive property of Celsius', and the Terms of Use grant 'all right and title... including ownership rights' with the right to pledge, rehypothecate, sell and lend without retaining a like amount. The CEO's first-day declaration says the same. The Terms of Use warned that collateral might not be recoverable if Celsius became bankrupt. Evidence: "Digital Assets posted as Collateral shall be the exclusive property of Celsius, and you grant Celsius your explicit consent to use such Digital Assets in accordance with Section 20 below" — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 3 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.
sub_custodian incomplete
the card does not name who holds the coins for the desk
source
card · celsius · custodial · archived_card 2022-05-11
https://celsius.network/crypto-loans
reuse established — the desk
the desk may lend, pledge, sell or take title to the collateral — from its terms or its own statements, not from its card
source
attribute · custody_model = custodial_with_reuse
custodial_with_reuse (criteria v1.2): the desk held the collateral and its terms passed title to it. As the desk operated before it failed (2021-10 to 2022-07). Celsius held the collateral and TITLE PASSED to Celsius: the Loan Terms make posted collateral 'the exclusive property of Celsius', and the Terms of Use grant 'all right and title... including ownership rights' with the right to pledge, rehypothecate, sell and lend without retaining a like amount. The CEO's first-day declaration says the same. The Terms of Use warned that collateral might not be recoverable if Celsius became bankrupt. Evidence: "Digital Assets posted as Collateral shall be the exclusive property of Celsius, and you grant Celsius your explicit consent to use such Digital Assets in accordance with Section 20 below" — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 3 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.

Recourse: undisclosed

source

attribute · recourse

As the desk operated before it failed (2021-10 to 2022-07). Not stated in terms: The Loan Terms contain no clause limiting the borrower's liability to the collateral. On default Celsius could declare principal and interest payable, realise collateral and take 'any other action', and the borrower agreed to reimburse collection costs and attorneys' fees. That reads as full recourse, but no fetched source states 'recourse' in terms and no deficiency action against a retail borrower was found, hence medium confidence. Evidence: "Borrower agrees to pay and reimburse Celsius for any and all costs and expenses, including collection expenses, court costs, and reasonable attorneys' fees, incurred by Lender in the collection or enforcement of these Loan Conditions." — Celsius Loan Terms and Conditions, Version 9 (in effect from c. 2021-10-19), filed as Exhibit B-9 to Doc 393, In re Celsius Network LLC, 22-10964 (Bankr. S.D.N.Y.), 2022-08-08 (https://storage.courtlistener.com/recap/gov.uscourts.nysb.312902/gov.uscourts.nysb.312902.393.0.pdf); 1 further quote(s) in registry/resolution/2026-09/defunct_desks_us.json.

The generic axis set

Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.

Utilisation (venue roll-up)	not applicable — there is no pool of deposits here to be drawn
Intermediation margin	not applicable — needs both a borrow and a lend rate; the borrow rate is not served here
Trailing realised average (7/30/90d)	unknown (not published by the venue) — a posted or filed rate has no daily series here
Rate volatility (30/90d)	unknown (not published by the venue) — a posted or filed rate has no daily series here
Spread to the pair aggregate	not applicable — this venue has no borrow rate to compare
Spread to matched Treasuries	not applicable — this venue has no borrow rate to compare
Origination flow	unknown (not published by the venue) — the venue publishes no loan-by-loan flow
Repayment flow	unknown (not published by the venue) — the venue publishes no loan-by-loan flow
Aggregate and distributional LTV	not applicable — the venue is defunct: it no longer lends, and this tile describes a live book
Residence distribution	unknown (not published by the venue) — the venue publishes no loan durations
Liquidation incidence	unknown (not published by the venue) — the venue publishes no liquidations
Top-10 concentration share	unknown (not published by the venue) — the venue publishes no borrower distribution

Source: Board of Governors of the Federal Reserve System (H.15, H.4.1, H.6).

There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.

Access routes

Unknown (not surveyed yet). No one has looked for an MCP server for this venue. That is not the same as having looked and found none, and this row will not say the second while meaning the first. The listing criteria are published.

Ask for this by machine

REST	GET https://api.bitcoincreditstack.com/v1/market/venues/cefi_celsius
MCP	get_venue({ venue_id: "cefi_celsius" }) get_venue({ venue_id: "cefi_celsius", include: ["axes", "headline"] })

The same figures, the same names and dates. Connect your AI →

Ask your own question about this venue

read-only MCP · zero write tools · no account

How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.

Orientation · Celsius NetworkHolder · Celsius NetworkTreasurer · Celsius NetworkAnalyst · Celsius NetworkRisk · Celsius Network

Add to Claude ↗Connect in Cursor ↗Connect in VS Code ↗Add to ChatGPT ↗Add to Grok ↗or copy the MCP URLhttps://mcp.bitcoincreditstack.com/mcp

Every client, the config snippet, and what the server will not do →